Omega Therapeutics, a preclinical biotech developing gene therapies for oncology and other diseases, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $126 million by offering 7.4 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Omega Therapeutics would command a fully diluted market value of $866 million.
Omega Therapeutics aims to use its proprietary OMEGA Epigenomic Programming platform to pioneer a new class of DNA-sequence-targeting, mRNA-encoded therapeutics. Its pipeline consists of preclinical programs that span regenerative medicine, multigenic diseases including immunology, oncology, and select monogenic diseases. The company has conducted in vivo preclinical studies in hepatocellular carcinoma, non-small cell lung cancer, and acute respiratory distress syndrome.
Omega Therapeutics was founded in 2016 and plans to list on the Nasdaq under the symbol OMGA. Goldman Sachs, Jefferies, Piper Sandler, and Wedbush PacGrow are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
